Hi Carol..CONGRATULATIONSSSS!!!! My guess would be that it would depend on the property, like location, repairs, appraisal. Since I had the home picked out they had to make sure that it was located on/near a state maintained road, location, value, underground septic, etc. If you have found one lower that 140,000 go for it, because that could roll ur what you have left from the 140,000 (if you found a house lower) to pay for your closing fees. I will see what I can find on the preapproval stage for you.
even though I had a closing date contracted or set, the closing date could not happen until USDA received all the information to process. So, I will probably depend on when they will go out and inspect, get the appraisal done, survey etc. there are things that they have to have to move forward in each process that is in the handbook, it is best to cut out worry for ourselves (i was worried), to just go through the handbook for the process..meaning the things that the underwriter collects before sending the file off to funding and then the closing agent for USDA. Even though you have a closing attorney, USDA has there own closing agent who sends your closing packet to your closing attorney. If I didn't answer your question let me know.
CONGRATULATION!!!! JNAVA!!!! the below info may help:
Loan Approval and Closing
Rural Development Handbook
Text Version Home State Map USDA FSA NRCS RD Complete Office Listing Serving TRAVIS County, Texas Service Centers In Your County
AUSTIN SERVICE CENTER 1106 CLAYTON LN STE 210E AUSTIN, TX 78723-1080 (512) 459-1623 (512) 459-9073 fax Farm Service Agency Natural Resources Conservation Service Service Centers In Other Counties
GEORGETOWN SERVICE CENTER 1100 MARTIN LUTHER KING BLVD GEORGETOWN, TX 78627 (512) 863-8576 Rural Development
Great information Jacinta. The Georgetown center is a hop ,skip and jump from me. I'm planning on beginning the process sometime this year. ( I hope)
JASCINTA THANK YOU FOR THESE HELPFUL LINKS. BUT I HAVE A QUESTION FOR YOU? I SAW THAT AT THE TIME OF THE APPROVAL STAGE I WAS SUPPOSED TO RECIVE THE FORM RD 3550-7 BUT I HAVE NOT YET RECIVED THIS FORM, THE ONLY FORM I HAVE THAT RD SENT ME IS THE FORM
RD 1944-59(CERTIFICATE OF ELIGIBILITY)... WHATS GOING ON? DOES THIS MEAN THAT IM NOT APPROVED YET?